Key Issues (Materiality)
The Mitsui Chemicals Group adopts a long-term management perspective based on the triple bottom line management approach outlined in its Long-term Business Plan. Against this backdrop, the Group is actively engaged in resolving social challenges in a bid to achieve environmental and social targets. Moreover, we continue to assess the various impacts that our business activities have on society and have identified key (materiality) issues that need to be addressed in order to ensure our targeted future society as a part of efforts to secure the sustainable growth and development of society and the Group.
Process for Identifying Key Issues
We at the Mitsui Chemicals Group believe that chemistry must play a prominent role in addressing a variety of environmental and social challenges. In accordance with its Corporate Mission of "keeping in harmony with the global environment," the Mitsui Chemicals Group has contributed to solving social challenges through its business activities that emphasize striking a balance between economic, environmental and social considerations. We have further clarified our in-house initiatives that are related to these environmental and social considerations by formulating the 2025 Long-term Business Plan and are also based on the Paris Agreement*, Sustainable Development Goals (SDGs), and recent social trends. Moreover, we will address issues found throughout the supply chain and are a concern for our various stakeholders.
On the basis of these initiatives and with the aim of reaching the environmental and social targets raised in the 2025 Long-term Business Plan, the Mitsui Chemicals Group has reviewed these key issues while taking into consideration the opinions of its stakeholders, the qualities of its businesses and the characteristics of the regions in which it operates, and international guidelines to measure the impact of the Group’s business activities. We will review as necessary these key issues in light of social trends and changes in its business activities.
*The Paris Agreement
The Paris Agreement was adopted at the 21st Conference of the Parties (COP21) of the United Nations Framework Convention on Climate Change held in December 2015. The agreement has set a target of keeping global average temperatures from rising 2°C compared to temperatures before the industrial revolution by the end of the century while also urging parties to “pursue efforts” to limit it to 1.5 degrees. Advanced and emerging countries alike have also earnestly agreed to address the implementation of those SDGs under the agreement.
Step 1: Identification
First, screen issues based on international guidelines such as ISO 26000 and GRI as well as through engagement with various stakeholders. Identify environmental and social issues that the chemicals industry must help resolve from the standpoint of contributing to society through business activities.
Step 2: Prioritization
Assess the degree of importance of issues from the perspectives of stakeholders and the Mitsui Chemicals Group. Itemize issues with common characteristics in order to consider their importance and cross reference them from the standpoint of stakeholders as well as based on the original materials used by stakeholders to evaluate and analyze these issues. Based on this, consider measures that the Mitsui Chemicals Group needs to implement in order to address these issues. In assigning priorities to the issues from the standpoint of the Mitsui Chemicals Group, take into account the Group’s Corporate Mission, Action Guidelines, and business strategies. Evaluating these items on a quantitative basis, select key issues and rank them in order of priority.
Step 3: Validation
Solicit opinions from outside experts and confirm the validity of issues through the Corporate Sustainability Committee after verifying the comprehensiveness of these identified issues.
Step 4: Review
Conduct a review of the key issues to establish detailed and quantitative targets based on business plans. Then, regularly review the process for identifying key issues at the Corporate Sustainability Committee level. As a part of this review, take steps to ensure that processes and the setting of targets are in line with social conditions. Then, confirm the status of implementation progress.